Procore Technologies, Inc. (NYSE:PCOR) Stock Holdings Boosted by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. increased its stake in Procore Technologies by 24.8%, owning about 0.17% of the company worth $17.17 million as of its latest SEC filing.
• Several major hedge funds significantly raised their holdings in Procore Technologies during the fourth quarter, with Capital World Investors increasing its ownership by 453.6%, now holding shares valued at $233.7 million.
• Analyst ratings for Procore Technologies are generally positive, with a consensus rating of “Moderate Buy” and an average target price of approximately $80.94, despite recent price target reductions from various brokerages.

Federated Hermes Inc. grew its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 24.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 260,114 shares of the company's stock after purchasing an additional 51,652 shares during the period. Federated Hermes Inc. owned approximately 0.17% of Procore Technologies worth $17,173,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Huntington National Bank boosted its position in Procore Technologies by 161.6% during the fourth quarter. Huntington National Bank now owns 654 shares of the company's stock worth $49,000 after purchasing an additional 404 shares in the last quarter. Aster Capital Management DIFC Ltd increased its stake in Procore Technologies by 181.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 843 shares of the company's stock valued at $63,000 after purchasing an additional 544 shares during the last quarter. Ancora Advisors LLC increased its stake in Procore Technologies by 10,625.0% in the fourth quarter. Ancora Advisors LLC now owns 858 shares of the company's stock valued at $64,000 after purchasing an additional 850 shares during the last quarter. Versant Capital Management Inc increased its stake in Procore Technologies by 174.2% in the first quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock valued at $66,000 after purchasing an additional 636 shares during the last quarter. Finally, GeoWealth Management LLC acquired a new position in Procore Technologies in the fourth quarter valued at $78,000. Institutional investors and hedge funds own 81.10% of the company's stock.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 8,035 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $72.36, for a total value of $581,412.60. Following the sale, the director directly owned 1,154,097 shares in the company, valued at $83,510,458.92. This trade represents a 0.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $64.76, for a total value of $12,485,922.28. Following the completion of the sale, the insider owned 3,137,255 shares in the company, valued at approximately $203,168,633.80. This represents a 5.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 672,447 shares of company stock worth $43,878,843 over the last quarter. 29.00% of the stock is owned by corporate insiders.

Procore Technologies Stock Up 2.8%

PCOR traded up $1.76 on Tuesday, reaching $64.75. The company's stock had a trading volume of 3,960,032 shares, compared to its average volume of 1,422,224. The stock has a market cap of $9.66 billion, a price-to-earnings ratio of -67.44 and a beta of 0.90. Procore Technologies, Inc. has a 1 year low of $51.65 and a 1 year high of $88.92. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.19 and a quick ratio of 1.19. The business's 50 day moving average is $69.57 and its 200 day moving average is $70.07.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.11. Procore Technologies had a negative return on equity of 7.61% and a negative net margin of 11.58%. The company had revenue of $323.92 million for the quarter, compared to the consensus estimate of $311.91 million. During the same quarter last year, the business posted $0.39 EPS. Procore Technologies's quarterly revenue was up 13.9% compared to the same quarter last year. As a group, research analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently commented on PCOR. JPMorgan Chase & Co. dropped their target price on Procore Technologies from $97.00 to $85.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. UBS Group dropped their price target on Procore Technologies from $110.00 to $87.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Arete began coverage on Procore Technologies in a research note on Monday, June 16th. They set a "buy" rating and a $91.00 price target for the company. Robert W. Baird upped their price target on Procore Technologies from $83.00 to $88.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Finally, Mizuho upped their price target on Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a research note on Friday. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $83.06.

Procore Technologies Company Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company's platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects.